Gold price rallies on jewellers’ buying, firm global cues

New Delhi-India (Oct 4)  Gold prices rallied by ₹70 to ₹32,100 per 10 gram at the bullion market on Thursday on the back of sustained buying by local jewellers amid firm global cues.

However, silver eased by ₹50 to ₹39,350 per kg due to reduced offtake by industrial units and coin makers.

Bullion traders said persistent buying by local jewellers and positive global cues, mainly kept gold higher.

Globally, gold in narrow movements amid upbeat US economic data rose by 0.10% to USD 1,198.06 an ounce in Singapore Thursday.

In the national capital, gold of 99.9 and 99.5% purity advanced by ₹70 each to ₹32,100 and ₹31,950 per 10 gram, respectively. The precious metal had gained ₹555 Wednesday.

Sovereign gold however traded steady ₹24,600 per piece of 8 gram.

On the other hand, silver ready declined by ₹50 to ₹39,350 per kg, while weekly-based delivery eased by ₹35 to settle at ₹38,945 per kg.

Silver coins, however, remained unaltered at ₹73,000 for buying and ₹74,000 for selling of 100 pieces.

TheHindu